E20-10 - Contributions in 2012 Benefits paid retirees in...

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E20-10 (Pension Worksheet) Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/Liability Accumulated OCI (PSC) As a result of the operation of the plan during 2012, the following additional data are provided by the actuary. Service cost for 2012 Settlement rate Actual return on plan assets in 2012 Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions
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Unformatted text preview: Contributions in 2012 Benefits paid retirees in 2012 (a) Using the data above, compute pension expense for Webb Items General Journal Entries Annual Pension Expense Balance, January 1, 2012 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Liability increase Contributions Benefits Journal entry for 2012 Accum. OCI, Dec. 31, 2011 Balance, December 31, 2012 (b) Prepare the journal entry for pension expense for 2012. Description/Account Pension expense Other comprehensive income(G/L) Cash Pension asset/Liability Other comprehensive income (PSC)...
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This note was uploaded on 03/25/2012 for the course ACC 102 taught by Professor Benz during the Spring '12 term at CUNY Baruch.

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E20-10 - Contributions in 2012 Benefits paid retirees in...

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